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Saving for separate goals helps you track your progress and manage your money. You can save for different objectives with high-yield savings accounts. Some of these accounts may also offer high interest rates and low minimum opening deposits. Saving for different expenses can make it easier to manage your money than keeping all your savings in the same place. There are several savings accounts that let you save for separate goals and name each of them, like “Emergency Fund” or “Home Repairs.”
Featured Checking and Savings Account
SoFi® Checking and Savings (Member FDIC)
Start saving
SoFi Bank, N.A., Member FDIC
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Perks
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New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
Info icon
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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up to 3.80%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
Check mark icon
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FDIC insured for $2 million
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High interest rate
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Earn a higher interest rate with qualifying activities
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Up to $300 bonus with qualifying direct deposit (terms apply)
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Savings tools
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Early direct deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Joint account available
Cons
con icon
Two crossed lines that form an ‘X’.
Declined purchase if you overdraw by more than $50
con icon
Two crossed lines that form an ‘X’.
Doesn’t reimburse out-of-network ATM providers’ fees
con icon
Two crossed lines that form an ‘X’.
May deposit cash at Green Dot locations but there’s a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)
review
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Product Details
Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
55,000+ fee-free ATMs
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Take a look at these savings accounts and consider which one is the best fit. Many of them are also high-yield savings accounts so you can earn a great interest rate while you budget. Savings Accounts with Buckets that Make it Easy to Save for Goals 1. Ally Savings Account
Ally Savings Account
Start saving
Ally Bank, FDIC Insured
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.5 /5
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Perks
Earn 3.80% Annual Percentage Yield with a $0 minimum account opening requirement
Fees
no monthly service fee
Annual Percentage Yield (APY)
3.80%
Minimum Opening Deposit
$0
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Savings buckets help you save for different goals
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Surprise savings transfers help you save extra money from your checking account
Cons
con icon
Two crossed lines that form an ‘X’.
No physical branch locations
con icon
Two crossed lines that form an ‘X’.
No way to deposit cash
Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn’t charge standard bank fees.
Ally Savings Account
review
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Product Details
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
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2. Betterment Cash Reserve Account
Betterment Cash Reserve Account
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.25 /5
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It indicates a confirmed selection.
Perks
Earn 4.00% APY (Annual Percentage Yield) with $10 minimum deposit. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.00%
Minimum Opening Deposit
$10
Pros
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A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
$10 minimum deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum balance requirements
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No transaction limits
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
FDIC insured for up to $4 million
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Create savings goals
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
The “two-way sweep” moves extra money from checking to cash reserve to help you save
Cons
con icon
Two crossed lines that form an ‘X’.
No physical branch locations
con icon
Two crossed lines that form an ‘X’.
Mobile check deposit is limited to certain customers
con icon
Two crossed lines that form an ‘X’.
You can only deposit up to $1,500 in paper checks per day
con icon
Two crossed lines that form an ‘X’.
No way to deposit cash
Insider’s Take
Betterment has strong checking and cash reserve accounts. However, Betterment won’t be a good fit if you need to deposit cash, or need to deposit checks but don’t qualify.
Betterment Cash Reserve Account
review
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Product Details
By linking to a Betterment Checking Account (Member FDIC), you can set up the “two-way sweep,” which helps you save automatically, earn more interest, and set up overdraft protection
You can use mobile check deposit if a) you’ve been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
Interest compounds daily, pays monthly
FDIC insured through partner banks
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3. Capital One 360 Performance Savings
Capital One 360 Performance Savings
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.5 /5
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It indicates a confirmed selection.
Perks
Info icon
Rate as of 12/06/24
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Earn 3.80% Annual Percentage Yield (APY) on any balance. FDIC Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
Info icon
Rate as of 12/06/24
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3.80% (rate as of 12/06/24)
Minimum Opening Deposit
$0
Bonus
N/A
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No opening deposit or minimum account balance
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Easy to save for various goals
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
24/7 live chat
Cons
con icon
Two crossed lines that form an ‘X’.
Limited access to customer service by phone
Insider’s Take
Capital One is a strong bank overall. You’ll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Performance Savings
review
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Product Details
Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured
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4. Navy Federal Credit Union Share Savings Account
Navy Federal Credit Union Share Savings Account
Read Review
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
3.5 /5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Opening Deposit
$5
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
$5 minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Name your account so you can open multiple accounts for separate goals
Cons
con icon
Two crossed lines that form an ‘X’.
Dividends compound monthly, not daily
Navy Federal Credit Union Share Savings Account
review
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Product Details
Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
354 branches worldwide, including on select military bases
Interest compounded monthly, paid monthly
You’ll pay $3/quarter if you have no other Navy Federal accounts, AND your balance is under $50, AND your account has been inactive for 12 months
Federally insured by the NCUA
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Note: This is the only account on our list that doesn’t let you set up separate goals in one account. You’ll have to create multiple savings accounts and name each one. But because Navy Federal doesn’t charge monthly bank maintenance fees , there isn’t really a downside to doing it this way. 5. NBKC Everything Account
NBKC Everything Account
Read Review
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4 /5
Fees
no monthly service fee
Annual Percentage Yield (APY)
1.75%
Minimum Opening Deposit
$0
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No foreign transaction fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No overdraft fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Refunds up to $12/month for out-of-network ATM fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Online bill pay
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Set up separate savings goals
Cons
con icon
Two crossed lines that form an ‘X’.
Only branches are in Kansas City, MO
con icon
Two crossed lines that form an ‘X’.
Limited customer support hours
con icon
Two crossed lines that form an ‘X’.
No overdraft protection options
Insider’s Take
NBKC Bank is a strong online financial institution because it has low minimum opening deposits and low fees on most accounts. But it’s not a good match if you like in-person banking, unless you live in Kansas City, MO. You can also earn higher rates at the best online banks right now.
NBKC Everything Account
review
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Product Details
Online bank with branches in Kansas City, MO
Hybrid checking and savings account
Earn APY on entire balance
Set up savings goals
Interest is compounded daily, paid monthly
FDIC insured
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6. ONE Account
ONE account
Start banking
On ONE’s website
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.75 /5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 4.35%
Minimum Opening Deposit
$0
Bonus
3% cash back on Walmart purchases
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Earn a solid APY on your savings pocket and automatic savings pocket
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Free overdraft protection for up to $200 if you meet certain requirements
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No fee for using an out-of-network ATM if you have direct deposits set up
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Receive paychecks sooner with early direct deposits
Cons
con icon
Two crossed lines that form an ‘X’.
Only earn interest on up to a certain balance
con icon
Two crossed lines that form an ‘X’.
$3.00 out-of-network ATM fee if you do not have direct deposits set up
con icon
Two crossed lines that form an ‘X’.
Doesn’t reimburse any fees charged by out-of-network ATM providers
Insider’s Take
ONE could be a good fit if you are comfortable with keeping your money all in one account. The ONE account pays a competitive interest rate on savings balances up to $250,000 and it’s on par with the savings rates of our best high-yield savings account guide.
ONE account
review
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Product Details
If you receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more for at least 3 consecutive months, you’ll be eligible to earn 3% cash back on Walmart purchases (up to $50 annually)
Free access to 55,000 Allpoint ATMs in the US
The ONE Account acts as a hybrid checking/savings account
Set up a Savings Pocket and earn up to 4.35% APY on balances up to $250,000 by either receiving at least $500 in eligible direct deposits each month or having a total daily account balance of $5,000 or more
Round up debit card purchases to the nearest dollar, and the money goes into Auto-Save Pocket; earn 4.35% APY on your Auto-Save Pocket
All other Savings balances will earn 1.00% APY
Overdraft protection for up to $200; To qualify, you must first receive at least $500 in direct deposits for at least 31 days
Deposits are FDIC insured through Coastal Community Bank
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7. Sallie Mae SmartyPig Account
Sallie Mae SmartyPig Account
Start saving
On Sallie Mae’s website
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.25 /5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Opening Deposit
$0 ($0.01 balance to earn interest)
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Save for separate goals
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Cons
con icon
Two crossed lines that form an ‘X’.
No way to deposit cash
con icon
Two crossed lines that form an ‘X’.
Must transfer funds to external bank account to access money
Sallie Mae SmartyPig Account
review
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Product Details
Earn 4.25% APY on all account balances
Interest compounded daily, paid monthly
FDIC insured
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8. SoFi Checking and Savings Account
SoFi® Checking and Savings (Member FDIC)
Start saving
SoFi Bank, N.A., Member FDIC
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.75 /5
Icon of check mark inside a promo stamp
It indicates a confirmed selection.
Perks
Info icon
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit.
Fees
no monthly service fee
Annual Percentage Yield (APY)
Info icon
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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up to 3.80%
Minimum Opening Deposit
$0
Bonus
up to $300
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
FDIC insured for $2 million
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High interest rate
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Earn a higher interest rate with qualifying activities
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Up to $300 bonus with qualifying direct deposit (terms apply)
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Savings tools
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Early direct deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Joint account available
Cons
con icon
Two crossed lines that form an ‘X’.
Declined purchase if you overdraw by more than $50
con icon
Two crossed lines that form an ‘X’.
Doesn’t reimburse out-of-network ATM providers’ fees
con icon
Two crossed lines that form an ‘X’.
May deposit cash at Green Dot locations but there’s a $4.95 fee
Insider’s Take
SoFi Checking and Savings is a great account option if you don’t mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)
review
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Product Details
Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
FDIC Insured and covered up to $2 million in FDIC coverage through a network of participating banks
55,000+ fee-free ATMs
Show Pros, Cons, and More
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How Many Savings Accounts Should I Have? There is no limit to how many savings accounts you can have . When deciding how many savings accounts you want, you’ll want to balance your savings goals with how many accounts you can easily keep track of. Savings accounts with buckets can help cut down on the number of savings accounts you need by letting you organize money for your savings goals without needing to open extra accounts. Understanding Savings Goals Savings goals are individual objectives that you put your extra money toward. They can vary greatly from emergency funds to down payments to college savings plans, and they help give purpose to your saving. They also help you be prepared for the future, making sure you aren’t taken by surprise. Advantages of Saving for Separate Goals So, why not just keep all your savings in one account and withdraw money when you need it? You can do this, but there are some perks to having separate pots for each savings goal: Easily track your progress. With one savings account, you may see that you have $15,000 in savings. But with separate goals, you can see that you have $10,000 in an emergency fund, $3,000 saved for a car, and $2,000 set aside for that big trip next month. If you need $5,000 to buy a car and $3,000 for the trip, you now have a better understanding of how much more you need to save. Save more. Once you have a better idea of how close you are to reaching each savings goal, you may feel motivated to save more so you can reach a certain dollar amount. Transfer some money from checking, or set recurring automatic transfers to go toward goals. Reduce temptation. Keeping all your savings in the same place makes it easy to misspend money. For example, maybe you were planning to use your savings to buy a car and go on a big trip next month. You go on vacation, but when you return, you realize you don’t have enough money left over to buy the car. Setting separate goals can help you remember not to touch the money you want to put toward the car. All of these savings accounts are useful tools for saving for different goals. Take a look at their other features — savings interest rates, minimum opening deposits, options for depositing money — to decide which one is right for you. Types of Savings Goals Here are some savings goals you might need to save for: Emergency fund Holiday budget Travel Home repairs Down payment on a house Buying a car A semester’s tuition Pet expenses Wedding Retirement Savings goals vary greatly by how much you need to save and how long you have to save for them. Savings accounts with buckets are good for smaller savings goals that you don’t have a definitive timeframe for, such as emergency funds or home repairs. If you know when you’ll need to access your funds, you might consider CDs , which tend to give higher, fixed interest rates at the cost of accessibility. For longer-term savings goals, such as retirement, you’ll probably be better off investing your money. You’ll earn more money in the long run by using low-risk investment accounts or retirement plans instead of savings accounts. Setting Strong Savings Goals Learning how to set savings goals well can help you be prepared for the future. For example, if you’re saving for your child’s college, you can build a strong savings goal by researching how much college is likely to cost, figuring out how much of each paycheck you can commit to saving, and finding which type of account will best help you earn the amount you need while planning how to budget . Comparatively, you’ll build a weaker savings goal if you just put a small amount of money in a general savings account each month without putting any research into whether that will be enough. Savings accounts with buckets help you set strong savings goals and overcome savings goal challenges by letting you see exactly how much money you have put toward your specific goal at any time. Strategies to Achieve Savings Goals One easy strategy to help you achieve savings goals is to automate your savings. Automating savings for goals means that you won’t have to manually transfer money toward each of your savings goals every paycheck, ensuring that you won’t accidentally forget and spend money you had earmarked for a long-term goal. Some savings accounts with buckets will let you set up automatic transfers into specific buckets; if that’s a perk you’re interested in using, make sure that the bank or credit union you’re interested in offers it before you commit. Another strategy is to create a savings plan that gels well with the savings goals you’re interested in. For example, the 50/30/20 rule might be useful to you if you have a regular paycheck and not a lot of debt. But if you work freelance, live in an area with a high cost of living, or want to save more than 20% of your paycheck toward savings goals, then you might want to pick another budgeting plan or modify the rule to better fit your needs. Tools and Resources for Saving Goals A savings account with buckets can be a great tool for growing savings goals. But there are other useful tools you can use alongside savings accounts with buckets to best maximize your goals. Budgeting apps are one of the best tools for savings goals and can be a great companion to savings accounts with buckets. While buckets can help you keep track of any savings goals that make sense to keep in a savings account, budgeting apps can help you keep track of savings goals that make more sense in other types of accounts. If you have the budget for it, an in-person or online financial advisor can also help you plan for more major savings goals that you want to invest toward. Financial advisors can be real people with financial certifications, or they can be robo-advisors that use algorithms to help you with investing.
Note: Keep in mind, the Navy Federal Credit Union Share Savings Account is the only account on our list that actually requires you to create a separate account for each goal. The others let you name goals in one savings account.
Why You Should Trust Us: How We Found Savings Accounts With Buckets Business Insider’s personal finance team is editorially independent, meaning that the business team doesn’t tell the team’s writers and editors what to write. You can learn more about how we review products through our editorial standards page . We created our list by looking over our guides and reviews and then conducting research on which savings accounts offered bucketing features. Savings Account with Buckets FAQs
Which banks have savings buckets?
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Many banks offer savings accounts with buckets; some of our favorites are Ally Bank’s Ally Savings Account , Betterment’s Betterment Cash Reserve Account , and Capital One 360’s Capital One 360 Performance Savings .
What is the bucket feature of savings accounts?
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The bucket feature that some savings accounts come with lets you divide your money into buckets, which you can label and dedicate toward specific savings goals.
How many savings buckets should I have?
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How many savings buckets you should have will depend on your individual savings needs. Generally, you should have a bucket for each savings goal you want to use a savings account for.
How do savings buckets work?
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Savings buckets work by dividing your savings account into different categories that you can label, letting you easily save up for individual savings goals.
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Kit Pulliam
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. Experience In college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter. Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject. They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs. As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money. Their work has been featured in Business Insider and MSN. They were part of the My Financial Life  series with Business Insider. Expertise Their expertise includes: Certificates of deposit Savings accounts Checking accounts CD rates Bank reviews Education Kit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis. Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
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